Retail & Commercial

The veteran turnaround executive was hired in 2020 to salvage the troubled banking company after the Justice Department launched a far-reaching probe of its mortgage lending practices. It agreed to sell to Florida-based EverBank.

Banks now have until Nov. 21 to provide feedback on the FDIC's proposed rule on brokered deposits that could lead to higher costs for some insured depositories.

Financial institutions are on the front lines of relief efforts in Tennessee and North Carolina, while in Florida, Hurricane Milton threatens to deal a second blow.

River Run Bancorp near Boston said it would acquire Rollstone Bank and Trust, adding to a string of industry combinations as M&A activity gathers momentum in the second half of 2024.

Honolulu-based Territorial Bancorp is delaying the approval vote by about four weeks in order to continue discussions with its shareholders. A group that includes a former Bank of Hawaii CEO is trying to scuttle the $78 million deal with Los Angeles-based Hope Bancorp.

Challenger bank Revolut calls for Meta's scam info program to reimburse victims; Sunwest Bank taps Umpqua's Mike McKean to lead treasury and payments; Fifth Third launches a new line of business; and more in this weeks banking news roundup.

Despite strong growth and solid profits, the Miami-based lender, formerly a business development company, still hasn't convinced the market it fits in as a bank.

In a letter to Acting Comptroller Michael Hsu, Democratic Sen. Elizabeth Warren urged the regulator to curtail the megabank's growth in response to its failure to improve its risk management programs.

Coordinated strikes by dock workers along the Eastern Seaboard and the Gulf Coast could cause issues for banks that provide credit to foreign shipping groups and domestic trucking companies.

As political campaigns become more expensive and more complicated, meet the banks that have become the preferred financial institutions for the Republican and Democratic parties.